HiPhi will raise the starting prices of two long-range versions of its HiPhi Y SUV in September, saying it's because they accounted for a larger-than-expected share of orders.
(A HiPhi Y on display at the April 2023 Shanghai auto show. Image credit: CnEVPost)
Amid concerns that Tesla's (NASDAQ: TSLA) price cuts could spark a larger price war in China's electric vehicle (EV) market, premium EV maker Human Horizons' HiPhi brand has unexpectedly announced plans for an upcoming price hike.
HiPhi announced last night that it will raise the starting prices of two long-range versions of its HiPhi Y SUV in September, saying that's because they accounted for a larger-than-expected share of orders.
HiPhi launched the HiPhi Y, its third model after the ultra-luxurious HiPhi X and HiPhi Z, on July 15, and its deliveries started on July 29.
The HiPhi Y is currently available in four variants with starting prices of RMB 339,000 ($46,520), RMB 369,000, RMB 399,000 and RMB 449,000 respectively.
The model's two least expensive versions both have a battery pack capacity of 76.6 kWh and a CLTC range of 560 kilometers.
Its two higher-priced versions both have a battery pack capacity of 115 kWh packs and CLTC ranges of 810 km and 765 km respectively.
The two versions with 115 kWh battery packs have been well received after launch, with orders accounting for more than expected, and HiPhi will be adjusting their prices, according to an announcement made yesterday.
HiPhi is continuing to gather feedback from potential customers and will announce the final price adjustments on September 1, it said.
In addition, HiPhi's current purchase benefits for the HiPhi Y, including a free LiDAR and an immersive audio package worth RMB 16,000, will also cease to be offered from September 1, according to the announcement.
To date, the HiPhi Y has seen an average order value of RMB 371,000, with more than 80 percent of customers buying the car for add-on and trade-in purchases, it said.
HiPhi's move is very different from other EV companies that have cut prices to boost sales.
On July 20, Neta Auto unveiled a facelift for the Neta S with a starting price of RMB 159,800, down RMB 30,000, or 15.81 percent, from RMB 189,800 for the previously on-sale model.
On August 11, Zeekr announced that customers who purchased the Zeekr 001 during the year would receive discounts ranging from RMB 30,000 to RMB 37,000.
On August 14, Tesla announced that it's lowering the prices of both the Model Y Long Range as well as the Model Y Performance in China by RMB 14,000, or about 4 percent, sparking even greater concerns about a new round of escalating price wars.
($1 = RMB 7.2878)
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